around 12% annualized that pays out of monthly >> weiss >> tbf i'm putting back on, it's a hedge, and i think you don't go below 4% on the ten-year >> joe >> ibb, biotech etf. >> all right that's going to do it for "halftime. t"the exchange" with brian sullivan begins right now. >> thank you, frank. welcome to "the exchange." i am brian sullivan. here's what's ahead. markets are mixed today. tech earnings taking down the nasdaq, but with the fed decision one week away, what is more important to the market and your money right now is it rates or is it reports or is it maybe something else? plus, last night, pennsylvania's big senate debate, the democratic candidate john fetterman says that he is pro-fracking is that going to set off a texas-sized gnat gas boom in the keystone state the ceo of eqt is here and more earnings reports, they're on the way you have meta, ford, caterpillar

all due up we are going to set you up with the story and the trade on each. that's all ahead, but we begin as always with your numbers. we've had a nice run i mean, what did we say yesterday? best month for the dow since november of 2020 well, a little steam coming out. we're still up .3% for the dow, it's 100 points, but the nasdaq and we're going to talk, i promise you, we're going to talk a lot more about technology. the nasdaq down 1.25%. these big numbers, big names, not doing that well. tech is the big story today, and from microsoft to google, everything kind of disappointing. microsoft having its worst quarterly net income drop in more than two years. alphabet on pace for its worst day since march of 2020. shares of alphabet are down 7% right now. both companies, microsoft, alphabet, warning of slowing sales. seagate, the hard drive maker, another tech name getting hit after earnings disappointed and the company said that it was going to cut 8% of its

workforce. seagate down 7.6% right now. intel above the already expected range. mobile eye on the nasdaq -- that's a cool new graphic. mobileeye having a nice day. look at that, plus 30% and visa is leading the dow after the profit beat as payments volumes surge, and people tend to like the guidance halliburton higher after wells fargo upgraded the stack to overweight, raised their price target to $52 a share. stock up 36.5. so they expect continued research growth despite an extremely tight market

right now why have stocks suddenly popped. some will say it's the recent sort of flattening or down move in interest rates. others say, no, no, no it's earnings and guidance, others, meaning this guy, thinks maybe it's a little end of fiscal-year window dressing from mutual funds so which is it we've got colonel bob pisani at the nyse let us start by you. make the case for rates being the real market mover. >> you've made a very good synopsis there, because the end of the fiscal year for many large institutional funds is a big deal, but i certainly do think that as you look at a one-week chart of tens, on the 21st, that was friday of last week, we made our high intraday yields on the cycle of 433 and

it looks like we're toying with 4% today we haven't closed under 4% since the 13th of october. it's been a while. and one of the big reasons why interest rates are going down is the growing notion that the central banks may be running out of one ray, either by choice or political persuasion the bank of canada expected to do 75, only did 50 now, they didn't say that they thought that inflation was under control, but they did hint that they think that it will ultimately come under control next year. and if you look at what's going on with foreign exchange, i think the recent moves in the dollar are another very big reason why many are buying stocks and thinking the drop in interest rates is significant and real, because the dollar has correlated quite well with the activity of central banks, ours in particular. look at a two-day of the dollar

versus the yuan. what a drop on the dollar side, because they were selling dollars. and whether you looked at onshore or offstohore, historic one-day drop and finally, the aforementioned protagonist or antagonist, here's the dollar index. guess what, brian. the 50-day moving average comes in right around 110.80, 110.80 we're certainly well below that and it will be the first close under that moving average since mid-august 7 lots of reasons, not the least of which, we just buttoned up $43 billion in five-year note yields. and as i look at the charts across the room on the screen, yields are moving down a bit my guess is that the auction went pretty well >> political persuasion indicating there may be some politics involved, rick. no way rick santelli, thank you very much there's the case for rates what about earnings or if you wanted managers stepping in or something else, bob pisani at the nyse

earnings matter, but is there something to this. if we were in a world where the federal reserve was not aggressively raising interest rates the way they are, i would say that earnings is of course what trumps everything else. and that's ultimately what drives the bus that's not the world we're living in. we're living in a world where the fed is aggressively raising rates. so macro interest rates really are really important let me show you the earnings situation today. if you woke up this morning and said, holy cow, texas instruments is down 3% seagate is down 8% you would say, the s&p is going to be down 100 points when we open we were never even close to that look at the s&p 500. it did open to the downside, but it almost started rallying immediately and we got word from the bank of canada that they were only hiking 50 basis points we actually had another move up. the market moved on rate talk, exactly as rick was discussing there.

and that's really what's driving the bus right now. it's true, overall, other earnings outside of tech were okay craft heinz was okay you mentioned visa, bristol-myers was okay we know the travel business is good that's strong. but we know tech communications services drives the bus here and we're not moving look what happened the last few days, to emphasize the whole macro picture here we have seen the yield on the two-year is coming down essentially four days now. what's happened, in the last four days, the s&p has moved up 5% you think this is a coincidence? i don't think so finally, i want to point out this ipo i know brian mentioned mobile. a lot of nice tracking i'm glad to hear that. unfortunately, it's been one of the worst years in my 25 years covering ipos. the ipos etf that we filed, it's down 50% this year the s&p is only down 19% so consider how bad it is. and if you're wondering, you haven't seen a lot of ipos, you haven't seen any, practically.

take a look here we've only got, what, 66 ipos this year, 7.5 billion in a typical year, brian, 165 ipos raised $45 billion. we've got two months left, but you're kidding me here we're talking about an 80%, effectively, drop in ipos this year brian? >> that is not a good year for ipos probably one of the bigger drops ever, i'm guessing i can't imagine much bigger, 100% >> one of the worst ever >> so, folks, there is your top l line now let's get the takeaway, and why she's not trusting this market until one big thing happens, maybe 1.5 but there are still some stocks she likes right now. joining us is kim forest, chief investment officer at boca capital partners i know earnings matter, but kim, what is that one big thing >> well, next tuesday, the fed, right? they're going to meet and tell us what they're going to do. who cares what they do that day. what we care about is what

they're going to do in the future and it looks like canada has shown us what they're going to do and that's probably going to slow the rate of increases and i think that is what's been driving the market i'm going to agree with santelli today and think that that friday kind of soft announcement through back channels was really important to everybody that follows stocks >> yeah, the fed we heard from the -- i don't think we've ever talked about the bank of canada on this show. maybe the network before it's like, what's happening up there. but suddenly we're talking about the bank of canada do you think what canada, did by not raising as much as possible that our neighbors will get more dovish or perhaps a snow owl >> i do. and i think even more importantly, i think the bond market, which when i got into

this business, i used to think equities were all of that. and now i really that the bond people really have to be smart to be able to make money, because of what they do, right they're very limited in how to make money but they have to be right. i think they've been right with the run-up and now the reversal of interest rates. and i think that they can read the fed, they can read the room, which is a global room, not just the u.s. and candidate, but what's happening with the dollar, what's happening all over the world with bonds. and i think that they have shown us what the future is, and the future is lower rates. >> let's talk about the future of investing because we want to know about the future, not the past the past has been ugly for intel. last few years, i don't think disaster for investors is too strong of a word stock is down 46% in something like a year, but you think the bleeding may finally be over for intel? >> well, i don't know what's going to happen in the short-term, but i do know that

they have a pretty good strategy going forward. and their operations aren't in taiwan and i think that's super important. to have all of that intellectual property on an island that has china looming over it is an issue. but it's also an issue, because it is an earthquake-prone place, too. and so much of our economy and our defense and everything that we do depends on emiconductors and i think that even taiwan semiis going to move off of that island but intel has a footprint here and i think they'll be a leader for a lot of firms that will, they might switch to taiwan -- i'm sorry, from taiwan semito intel, if they can get their act together and become the fab for other chip makers. >> you wonder if the market will fooim finally start to reward a company that is doing what it

was asked to do to invest more in the united states intel has done that. you want investors to reward them, or otherwise, companies may decide to go the opposite way. quickly, ups another name you like, even in this environment >> sure, they're a company that uses technology really, really well they're a technology company that just happens to deliver packages and i think that yesterday's quarter announcement was really great. they're also very shareholder friendly, where they're kind of kicking out less profitable customers and keying on profitable ustomers. goth to love that. and they have always had a great dividend and they return shareholder value. >> kim forest, boca capital partners, good to have you back on, kim. thank you very much. >> thanks. all right, we've got a lot to do, and on deck with the midterms nearly here, business is on the ballot, but for some, election day starting to look more like tax day. robert frank is here but first, racking it used to be a political hot

potato but now, we're starting to hear even some democratic candidates say they're in favor of fracking what happened in pennsylvania last night the ceo of eqt based in pennsylvania, tobey rice is up next ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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all right. welcome back in last night's pennsylvania senate debate, both candidates, gop and democrats saying that they are for fracking. >> i strongly support fracking, drilling, the piping of that natural gas. >> and i don't -- i don't -- i support fracking, and i stand and i do support fracking. >> now, that is being seen as a bit of a u-turn for john fetterman. but whatever you might think about that the industry, no doubt, especially in pennsylvania, thinking, maybe it's a good thing. one of those candidates is going to win joining us now is toby rice, the nation's largest gnat gas producer obviously, they are based in pennsylvania, have significant operations there, and toby, welcome, on short notice i understand that senators have limited control over what happens of the land. it's going to be the state legislature, the government that have probably more ultimate pull

on what happens with drilling. but when you heard, even the democratic candidate say, i am for fracking, what was your first thought? >> well, it is a sign that prospectives are starting to change and a line with the american people, where over 70% of americans support more domestic energy production here in the united states, you've got a candidate like dr. oz that's not just supporting hydraulic fracturing and our energy industry is talking about unleashing american energy, and that being a tool to address the rampant inflation, the unnecessarily high energy prices it's really great to see candidates talking about how natural gas and american energy could be a tool to solve the energy crisis and all the problems that the world is currently struggling with today. >> well, knowing what you know about the pennsylvania state government, knowing what you know about the likely governor and whoever wins this senate fight, do you think something

will change in pennsylvania, which is one of the richest states for natural gas. >> pennsylvania and appalachia is the region that's home to the biggest gas field in the world we have an area that's equivalent to russia doesn't matter if you're a republican or democrat, you can understand the tremendous potential that this region will bring. and what people need to understand, is we will be releasing the biggest green initiative on the planet for americans and also will be unleashing the hydrogen economy will be unleashing our ability to leverage gas to backfill when the sun doesn't shine, when the wind doesn't blow. despite your view on energy, unleashing lng is a solution for all. >> i think a lot of people are

basically saying, let's get rid of all fossil fuels immediately. don't understand fossil fuels, particularly natural gas's critical role in the creation and backstopping of renewables i'm looking at the power mix in new england, where you're from and your mom still lives 53% of all electricity in new england right now is natural gas. we forget how reliant we still are on them. we can talk about 50 years from now, toby, but for the next five, ten, whatever they may be. and when you're talking about new england, let's not forget about the fact that this grid was safe by using oil to generate power during the winter that is a remarkable thing that needs to change. but when solar and wind, when as good as they are, the world will turn to using more coal. and in the last 12 months, solar

and wind's inability to meet world demand for energy has caused coal emissions to skyrocket over $500 million tons that amount of emissions wipes out 15 years of solar and wind investments here in the united states, that clearly foreign coal is a big issue and you need a heavyweight solution to address that going to start here in pennsylvania and bring prosperity to americans and billions around the world. >> if we want to save europe, and i'll probably be going back soon, u.s. lng, natural as, if you can get it to the coast, freeze it and put it on a different ship, that's a whole different segment, i would imagine, toby. u.s. natural gas is a huge part of getting europe off of russian natural gas. if they don't have us, they're in big trouble >> absolutely. you need to recognize that natural gas resources, over two-thirds is contained in four

countries. russia, iran, qatar and the united states. who is going to step up and provide the energy security that the world needs? it's got to be the united states and we have to transition our energy from higher carbon-emitting sources to lower carbon-emitting sources like natural gas. we need to transition who delivers that security from countries like russia to america. and that is going to be a key to providing the cheapest, most reliable, cleanest form of energy, and that's what we need to be transitioning too. >> you might not have seen this, because it was in germany, toby. and thankfully we have a producer here who's german she translates all the stories in the paper for me. it's a true story today. that germany is dismantling a wind farm to mine coal in the same location. it was a coal mine they put a wind farm on top, but they're tearing the wind farm down to reopen the coal mine this is not the onion, this is not mad tv that's a real story.

toby, thank you from what appears to be a concert. still ahead, supply chain problems they have dominated the headlines since the start of the pandemic but are we starting to see a slowdown on the demand side? the details, next. the fallout for your money stk ouicarnd

you love closing a deal. but hate managing your business from afar. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire all right. welcome back to "the exchange. we've certainly talked a lot about supply issues in the economy. those shipping problems, trains, trucks, boats, lack of goods, et cetera but now what we are starting to hear from companies are growing demand issues. listen to these.

we mentioned seagate earlier, saying today that they are seeing lower consumer spending and weaker demand than in the past they're going to lay off 8% of their workforce. texas instruments noting they expect that most of their end markets will decline sequentially microsoft, no different. the company saying that it sees materially weaker pc demand and it will continue at five networks, they're not left out they're saying, they'll assume they'll see more projects delayed or even cut down by customers. and glassmaker corning admitting they don't have enough positive evidence to guide for significant improvement in glad demand from the current very poor levels. that is just a small sample and all from last night. so maybe, the macro conversation should be shifting from inventories to end users just a thought let's go to leslie picker for a cnbc news update >> hey, brian. here's what's happening at this hour three men have been convicted of

helping a plot to kidnap michigan governor gretchen whitmer. a judge found them guilty. the men were members of the paramilitary group, the wolverine watchmen a judge has order ed former trum chief of staff mark meadows to investigate. meadows is expected to appeal the ruling on the news, authorities in iowa investigating what could be one of the most prolific serial killers in u.s. history. the hunt for clues and bodies tonight at 7:00 eastern. and a rare rhino has been born in a zoo in northern england. this greater one-horned rhino weighed 110 pounds at birth. her mother was pregnant for around 16 months there are fewer than 3,000 of their kind left in the wild. it's certainly cute, but you've got to feel kind of bad for the

mother with 16 months and 110 bounds, brian. >> how would that feel, leslie >> i don't envy that rhino mother, that's for sure. >> i know, especially, you know, look at that -- cute, though covered in armor >> it's cute, yeah i guess a mother lovies their child and will say it's worth it zp >> it's a real rhino, not just a republican in name only. modern-day dinosaur. can meta manage the ad slowdown or will it be a facebookacplt, fe-an we'll get that along with ford and caterpillar, coming up. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade

♪♪♪ there's no going back.

you know what time it is, it is time for earnings exchange. and today, we've got the action, the story, and the trade on meta, ford, and caterpillar. first up, meta the facebook parent company down a whopping 60% this year, as a slowdown in digital ad revenue slams the stock. let's bring in julia boorstin for more on the story. we've got delano who joins us with the trade he is the ceo of news street advisers and a cnbc contributor. julia, good to see you first to you i mean, have we seen the bottom

of meta's bad news >> well, look, i think analysts are expect ing meta to report about 5.5% declining revenue in the quarter. and coming off of snap's numbers which were disappointing about warnings with what's ahead and the fact that youtube saw lower than expected advertising results, i think there are a lot of concerns about what meta could report and what kind of outlook they could give. then there's this question of cost cutting how much have they cut costs how much is that helping how much more do they plan to do and a growth potential for meta is reelz how much can they do with tiktok and then, brian, there's this question of investment in the metaverse. we just heard this call from mark zuckerberg to invest less in the metaverse we'll see what he has to say,

whether he's going to take that altimeter recommendation to heart. because, remember, after all, zuckerberg does control the company. >> julia, get more on facebook/meta in just a second delano, to you are we seeing the bottom in the stock? >> at some point, there's going to be a bottom, i hope >> yes, for all investors, including myself, shareholders in meta, hoping there will be a bottom the main thing we have to look at is some of the stuff that julia mentioned is what's going to happen with horizon, the metaverse. right now, the numbers aren't as strong there's a 200,000 monthly active users, which their goal originally was 500,000 by the end of the year. and as well as looking at what's going on with all of the areas of their business, right instagram, reelz, as julia mentioned, that only at 76.7 million users a day watching reelz, which is less than one-tenth. they are struggling in the competition there.

there will be a bottom >> i don't know if you remember the pontiac aztec. gm kept pushing it and it never sold you almost feel like meta, they're spending every commercial break, they're trying to make the golgs look cool. they've got to be spending a fortune on ads is it -- is anything working >> look, this is a very different situation, though, brian. the pontiac aztec, it was out. the metaverse, mark zuckerberg has said, is not going to really be a reality or a virtual reality until 2023 they're trying to build awareness, get people used to the idea and trying to start selling these headsets the other thing to keep in mind is they have a lower cost headset around $400. they just introduced a new $1,500 one

>> what's the difference >> that's not the same mainstream product this one has a lot more augmented reality, better features, and in many ways, it's really designed for developers, the people who are going to be creating these next generation of virtual reality experiences and it's also designed for enterprise if you're going to be using a vr head set, whether you're an architect or engineer or z designer or that kind of thing mark zuckerberg has said this is a long-term bet. the question now, especially in light of brad gursner's criticisms is whether or not they pulled back on some of those long-term investments. >> some day when i'm in a nursing home, the metaverse will be cool. you can hang out with your grand kids, walk through the streets of rome. it will be cool, but right now, everything kind of looks like the pontiac aztec, choppy, blocky, and not attractive right now, let's move on to ford their numbers are out tonight.

how will the numbers shape up? phil lebeau joining us with more on the ford story. i won't ask you to comment on the grem lynn. don't worry, phil. is not necessarily third quarter. remember, there was a warning back in september that costs will be $1 billion higher than previously expected. they're not going to be able to ship $40 to $45,000 that are built, because they don't have all the parts, because they have to get those they expect that in the fourth quarter. it really is, do they reaffirm the guidance for the fourth quarter quarter, which they did in september. and what do they say not only about inflation, the supply chain, but more importantly, the cadence of demand and what they see with the consumer, going into 2023, and then, hanging over all of this is what they expect in terms of ramp-up in production and that's really going to be crucial in 2023 and 2024

>> any sign of waning demand on that side, phil, for the lightning or the mach-e? >> no. at least not at this point they're not showing a drop-off in reservations. look, they just raised the price, an indication that they see enough demand there that they're telling people, if you want to get one now, you're going to be paying a higher price. >> nor the lightning >> for the lightning, correct. >> yeah. 90-plus thousand goes 130 miles on a charge if you're towing a trailer, apparently. i don't know delano, listen, there are a lot of question marks, forget about evs and the mach-es. we've got a recessio potentially coming, higher car loans are 9 and 10%. any reason to own ford the stock? >> there's reasons to hold on to what you own and potentially buy, because there might be weakness on this most recent earnings as you were mentioning, the big thing that investors have to look for is if there's going to be concern around the recession

and if the band will at some point wait for high-ticket items and high-margin struts and suvs, you just mentioned inventory being higher i think that's the big risk for any investor this thing will be able to be turned around. more demand come around in quarter 2. that's one item i'm watching and you have to have some near-term volatility >> finally, caterpillar, it had a booming quarter. signs of a global recession grow, could cart filler face a downturn or have they got it all figured out? seema mody has the story on cat. seema? >> brian, pricing will be key.

is that starting to show up in caterpillar's numbers. the manufacturers, this big, heavy equipment that is used by so many industrial players analysts were saying it would take about one to two quarters that will be interesting to see if that prognosis changes. separately, the team at city recently caught up with caterpillar's senior management, and their takeaway is that competition is set to intensify in north america, as customers look for more foreign suppliers. the stronger dollar obviously playing a big role there it makes their products more attractive if that's the case, what is caterpillar doing to ensure it's not losing market share. can wall street bet on a 2023 rebound. and could deal making be in the cards? back in june, we heard from ceo jim og umpleby

>> how's their supply chain looking? >> interestingly enough, last quarter when we heard from u umpleby, he was not able to articulate when supply chain issues would ease, whereas ge sk and cummings said, it should get better interested to see if umpleby has more visibility in the next couple of issues when those supply chain issues could, in fact get better. >> delano, any reason to own cat item you buying cat? >> one thing that's different is the commercial side of the business is still showing some growth u.s. companies borrowed 4% more in august to finance their equipment. if you're in a company that's

performed year-to-date, performing real well, this is something you want to hold or at least be owning or buying here especially when they're not showing really signs of this cylicality that you normally see in a business. this is a strong hold here >> strong hold delano, thank you very much. appreciate it. seema, thank you very much julia and phil out there somewhere in the tvverse thank you, as well coming up, we are now less than two weeks away from the midterm elections. and there are big tax changes on the ballot across the country. we'll get into the biggest hikes and maybe some of the biggest cuts with robert frank, next before we go, quick check on the markets. the dow, it is still higher, but not by much. the sam and nasdaq are down just a bit. nasdaq off about 1.5% in what has been a very good month for aoc sfa were back right after this

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from california to massachusetts, people across america are gearing up to vote if they haven't already. and with everything else going on, don't forget that there are some potentially big tax changes that could come. robert frank, mr. tax, is here to break 'em down for us robert >> because, brian, we need more complexity in the taxes. >> damn right! >> as 12 state have changes on the plat next month, colorado actually has two ballot measures, one that would cut the current flat rate and another that would reduce reductions for the top earners. it's a tax cut, a little less for those at the top voters in massachusetts voting on the first change to its flat tax in over a century would add a 4% surtax of 9%. but the biggest change is california proposition 30, as it's known, would add a 1.75% surtax on those making 2 million or more that would bring the top rate in california to over 15%, already the highest in the country, a combined federal and state rate of over 52%.

there were about 35,000 ta taxpayers in california earning more than 2 million back in 2019 that's the latest year we have they paid a third of the state's incomes taxes, so the fear is that if this passes, more of them will leave. now, the proposal is backed by lyft they have spent $45 million supporting this measure. they would presumably benefit from fleet conversion to evs democratic governor gavin newsom, the state teacher's union, and republicans all oppose the measure, so you've got the democratic party in california supporting it, the democratic governor opposing it, it's very close right now. it needs to pass by a majority it's now at 49% approval so this is going to be down to the wire >> is there any candidate that you've heard that talks about cutting spending >> no. >> is it always just raising -- >> well, yes, the republican candidate for governor in new york state is calling for reduced spending, but --

>> we always hear about raising taxes, fair share and the wealthy, but we never hear about just like lowering the cost structure. >> right >> and that's going to% very important in the coming years, because revenues are going to dlip we've been in this artificially high revenue position, not just from the federal aid to states, but also because of all the capital gains from the rising stock markets last year, which we will not get this year. >> and all the sales tax on the tax side from all the stimulus and ppp money that people went out and bought stuff with. >> right we'll have a conversation next year about either cutting spending or raising taxes or both >> let's hope it is at least both >> yes >> not 95/5. >> history is not promising. >> well, you don't get elected promising to take stuff away you get elected promising to give stuff >> that's true president obbiden took offi

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all right. call this a golden opportunity for business people are living longer these days and that could result in massive changes to the workforce, the way companies operate and ultimately to the economy itself in fact, americans 55 and older hold 70% of the wealth in this country. they got lucky enough to ride the greatest bull market in the history of stocks. your next guest recently wrote an article for esquire titled the new longetivity isn't coming, it is here the huge opportunity for companies to cash in joining us now is michael clinton, contributing writer at equire i mean, this is -- maybe it's not america's greatest generation, michael, but it's america's richest generation, because they started investing when, you know, microsoft went public >> yeah, i know, thank, brian. they are, in fact, the richest generation and they'll live longer than any

other generation that's ever li lived. you know, 10,000 people a day are turning 65 and by 2030, one in five americans will be 65 and they will be extraordinarily -- not everyone, of course, but the culture in general will have a very wealthy set of wealthy set of 65 plus-year-olds >> what does it mean for the economy? as we know, there are a lot of expenses also aging, medical care. >> yeah. >> housing, whatever it may be >> well, you're seeing an amazing explosion in business. new industries new businesses being launched. you know, in the gero science area, medical science. one of the venture fund capitalists started a fund called primetime what it does is they invest in startups of businesses that are servicing those people who are

in that cohort they have 25 investments, and that's going to help in terms of not only services, costs medical care, telemedicine, elder concierge services, bigger opportunities. one of their companies is called tenbo and it allows people who are in senior housing to be able to have telemedicine that's going to bring costs way down in general. that's one example. >> it's so funny i'm in tv, right we are always concerned about the demo, 18 to 49 or 25 to 54 i never quite figured that out necessarily because who's going to buy a $100,000 ford f-150 lightning? probably going to be a 60-year-old that's got excess cash if i'm ford, that's an untapped market i don't want the 19-year-old who's buying a toyota scion or his parents are buying it for him. >> no, completely untapped

market who's driving tesla? who's driving the apple watch? all 50 plus because of all of the various benefits and so forth. in another area in the media entertainment world, in 2020 a new studio was being launched called landline. they're producing romantic comedies for people 50 plus only with actors and actresses 50 plus this was borne out of the distributors who said we know that's our audience. they're spending a lot of money on entertainment and we need serve them that 18 to 34-year-old is a fine market but the bulk of the population is going to be 50 plus >> it's funny, we were talking about the meta verse earlier in the show i see their ads. it's primarily younger to younger middle age people doing stuff. i'm thinking, the meta verse is going to boom when old people --

when it's good enough and cool enough where old people can sit wherever they may be and be able to virtually walk the streets of rome or spend christmas with their grandkids if they can't be there physically i think -- as -- i'm getting old. we're getting older. no one's getting younger i'm thinking when i'm younger i hope the meta verse works and it's cool. then i'm going to be able to do a bunch of cool things from wherever i may be. >> think about the isolation factor foraging people >> that's the thing. >> there's a huge amount happening with meta verse, in gaming, ways to keep people engaged and involved in the technology side, there are going to be businesses that are going to serve this cohort and it's going to be married up to things like geroscience and bioscience where there are going to be companies, in fact, there's a saudi-based company called hevalution that's just committed a billion dollars a year to slow down the aging

process in terms of bioscience you're going to see that happen and then you're going to see businesses rally around this phenomena to create new ideas. >> that's it big untapped market and a very wealthy market and it's amazing that liech spans have doubled in -- we always hear how terrible the world is, everything is awful. guess what, life has never been longer for more people in many ways michael clinton, "esquire," check out the article. >> thanks, brian. mortgage demand nearly half of what they were a year ago mortgages sank in september. there's some reason for optimism we're going to find out, next. a kohler home generator never misses a beat. it automatically powers your entire home in seconds. and keeps your family connected. with a heavy duty commercial grade engine and no refueling, even when the power goes out,

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the numbers. they look bad, but is there any silver lining here >> reporter: i'll think about that one you have the sharply higher mortgage rates new home sales dropped august huge jump was revised down sales down 18% year over year. prices still up 14% from a year ago. that may be because more is selling on the higher end since the entry-level buyers are struggling with the mortgage rates. the mortgage banker's association showed the weekly average at 7.16% that was the highest in 21 years. that continued to tank demand for refinances which are down 86% from a year ago. there are less than 150,000 qualified borrowers who could see any savings from a rephi that's kind of an amazing number the vast majority of homeowners have low rates which is why so few homes are selling.

that is, demand for mortgages from home buyers was down 42% from a year ago. buyers are stepping back now even though home prices are coming off their peak. so is that your silver lining, brian? pr low prices may be coming back? >> maybe this is going to the higher end audience there's a shocking number of all cash buyers. they don't care about rates. if you are an all cash buyer, this is a win. >> okay, if you're an all cash buyer, i'll give you that. it can come down 10% over the next couple of years you don't want that, do you, right? >> no, i guess not i was trying -- always so negative i'm trying to find something -- some positive in there, diana. can you blame a guy? >> no, look, they do have more

bargaining power if you're coming in with all cash you have an option. sellers are not thinking they're going to get the sky anymore all cash, there is your silver lining coming in, you're getting that home price slightly lower. >> you bought bitcoin at 20 bucks, now it's 20,000 you have a bunch of money. you live on gibson island. it happens. >> it's all working. >> diana olick, thank you very much that does it for "the exchange." if permitted i will join contessa brewer on "power lunch" which apparently begins right now. >> i welcome -- oh i welcome both brian sullivan and you to "power lunch. i'm contessa brewer. here's what's ahead. the stage is schett. meta shares falling. the result is expected to underscore the turmoil in a digital ad market. could there be more pain for a stock that is already down 60% this yea